Results 1 to 6 of 6
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02-05-2019, 08:30 AM #1
Non-recourse re-fi loan for self-directed IRA real estate investor - ARM maturing
Terms and pricing requested, please.
Deal Scenario --
Non-recourse loan for self-directed IRA real estate investor
Refinance of 5/1 ARM coming due on 10 SFR condo units in development located in Portsmouth, VA
90% Occupancy (9 units cash flowing / 1 unit in process of placing new tenant) / 1.74 DSCR
under professional property management
Loan Balance: $489K
Property Market Value: $625k
LTV: 78%
Borrower FICO: 814Keith Pellicano | Private Lender: ABL/R.E. | Edgeworth Lending | 540.242.0933 | 1320 Central Park Blvd, Fredericksburg, VA 22401
Keith@edgeworthlending.com | www.edgeworthlending.com
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02-05-2019, 02:09 PM #2
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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02-05-2019, 04:29 PM #3
- Join Date
- Feb 2017
- Posts
- 3,463
Keith, I don't know if you know all of the online lenders who do this, but there many of them. A 5/1 or 10/1 ARM would be a job, but wouldn't be so hard to find. Sounds like the refinance max LTV would be around 75%.
Take a look at what I put together at https://www.abfunders.com/rental
The amounts on there are off by about 0.25-0.35%, but it gives you an idea. Do this in one big blanket.
Great DSCR, recourse shouldn't be a problem. He just won't be able to net out everything. All that's required it to show 6 months of PITIA.
Contact me if you want some help.
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02-09-2019, 11:35 AM #4
IRA-held property ReFi
Thanks RDGllc - I'm looking into the valuation method on the properties to make sure it's accurate. Investor bought this block of condos from a turn-key packager only four years ago for $899k. His PM never has had any trouble renting the units and they cash flow nicely. Can you go 30-yr fixed on this? Non-recourse, right?
Last edited by edgeworth; 02-09-2019 at 11:37 AM.
Keith Pellicano | Private Lender: ABL/R.E. | Edgeworth Lending | 540.242.0933 | 1320 Central Park Blvd, Fredericksburg, VA 22401
Keith@edgeworthlending.com | www.edgeworthlending.com
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02-10-2019, 09:45 PM #5Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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02-11-2019, 11:30 AM #6
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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